{"id":575953,"date":"2023-05-25T10:10:36","date_gmt":"2023-05-25T07:10:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cineworld-now-expects-to-emerge-from-bankruptcy-in-july\/"},"modified":"2023-05-25T10:10:36","modified_gmt":"2023-05-25T07:10:36","slug":"cineworld-now-expects-to-emerge-from-bankruptcy-in-july","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cineworld-now-expects-to-emerge-from-bankruptcy-in-july\/","title":{"rendered":"#Cineworld Now Expects to Emerge From Bankruptcy in July"},"content":{"rendered":"
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\n Movie theater giant\u00a0and Regal owner\u00a0Cineworld\u00a0said on Thursday that it now expects to emerge from Chapter 11 bankruptcy in July. The second-largest exhibitor in the world had previously targeted to do so \u201cby mid-year.\u201d <\/p>\n

\n Cineworld had filed for Chapter 11 bankruptcy protection in September to look for ways to restructure its big debt burden. It then formally filed its reorganization\u00a0plan\u00a0in April, which targeted to cut the firm\u2019s debt by about $4.53 billion, mainly through lenders getting equity in the reorganized group in exchange for releasing their claims. <\/p>\n

\n The exhibition giant considered asset sales as well. But it dropped plans to sell some or all its businesses because it\u00a0failed\u00a0to find a buyer after emphasizing earlier this year: \u201cAbsent an all-cash bid significantly in excess of the value established under the proposed restructuring, the marketing process as it relates to the group\u2019s business in the U.S., the U.K. and Ireland will be terminated.\u201d<\/p>\n

\n Cineworld said on Thursday that its restructuring proposal has now received the support of lenders holding about 99 percent of its legacy debt \u201cand at least 69 percent of the outstanding indebtedness under the debtor-in-possession facility of Cineworld and certain of its subsidiaries.\u201d<\/p>\n

\n The company is scheduled to formally seek final court app<\/a>roval of its bankruptcy restructuring on June 12.<\/p>\n

\n \u201cDuring the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption,\u201d the company also emphasized on Thursday. \u201cCineworld and its brands around the world \u2013 including Regal, Cinema City, Picturehouse and Planet \u2013 are continuing to welcome customers to cinemas as usual. The group continues to honor the terms of all existing customer membership programs, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the U.K.\u201d<\/p>\n<\/p><\/div>\n